When it comes to increasing the value of your home, all you have to do is wait another week in this market. But that’s not going to last forever! Eventually, the market will settle down meaning listing price & mortgage rates will balance to a more stable level. But what can you do in the meantime to increase your home’s value? A general rule of thumb is to imagine being the buyer walking through the property. Ideally, you’re looking for potential distractions or second guesses that would prevent a prospective buyer from making the purchase. Naturally, you will probably need to make any necessary repairs required in home inspections (i.e. leaky roof, frozen pipes, cracked foundation, etc.) but you should also consider some general home improvements to increase the final list price.
Here we have Five Areas to Remodel to Increase Your Home’s Property Value!
5 Areas to Remodel for a higher Property Value
1. Curb Appeal
You’ve probably heard the term “First Impressions Matter” and with a For Sale Home that is very true! When the buyer parks for a tour or Open House, the first questions they will ask themselves are about the front of the house. How is the yard? How is the landscaping? Do any flower beds need cleaning up or freshening up? Is any weeding necessary? Does the exterior need new paint? Is the yard picked up & maintained!? Simple do-it-yourself projects in the garden & yard almost instantly increases perceived value, hiring professionals can take the outdoor space to the next level. In fact, HomeLight agents found that buyers will pay 7% more for a house with great curb appeal & the average ROI is 238%!
2. Kitchen
As you prepare to list your home, one of the more common rooms to approach a remodel project is the Kitchen. Sellers should ask themselves:
How are the appliances? New? Clean?
Do the countertops, flooring, light fixtures, or cabinets need updating?
Does the layout make sense? Should I add/remove an island bar?
Should I add recessed lighting?
The Kitchen is one of the most visited rooms in the house so buyers are looking for quality & up-to-date finishings. While the appliances come down to the costs of the items, flooring & cabinets will often require professionals to complete the remodeling.
3. Bathrooms
Do the fixtures need updating, are they more than 10 yrs old? Is the tile from 1942? According to HGTV, it costs an average of $10,500 to remodel an entire bathroom but that number fluctuates significantly depending on the neighborhood. That said, HGTV also rates this as the highest rate of return for remodeling a room in your home. Truth is, the bathroom is one of the rooms that can be a bad reflection on value if not updated regularly. With the confined space, potential buyers are much more likely to notice something out of place in the bathroom!
4. Flooring
The flooring is one of the most common items to become damaged or worn out over the years of homeownership, after all, we do walk throughout our houses every day! The hardwood floors near the common entrances & the carpet in the living room usually are the first places to look when considering the condition of the floors. Taking a moment to closely inspect the floors throughout your home could shed some light on what you may need to replace in order to increase your home’s value.
5. Interior Paint
Interior paint, is it in reasonably good shape? The best part about interior painting is it is one of the few things the average person can do themselves. At the very least, professional painting is usually less expensive than hiring professionals for other remodeling investments. When it comes to the interior paint though, potential buyers will notice pretty quickly if there is room for improvement. If there are scuffs & dings all over, we definitely recommend touching up these points at the very least. As for colors, remember that you want to remove distractions & second guesses so using neutral colors is the best way to go to increase perceived property value!
Request a Consultation: Increasing Your Home's Value
When listing your home for sale, you can easily increase your property value by cleaning & decluttering the interior & exterior. Mortgages for traditional listings will require all the major issues to be repaired or replaced depending on the conditions. When it comes down to it, the level of improvements that you do is determined by the level of improvements in comparable houses in your neighborhood. With our clients, we help by reviewing with you interior photos of sold listings in the area so you can see what finishes others have used. Grimm Realty Group also helps to prioritize the list of improvements to consider based on how necessary the upgrades/repairs are & how much return on investment you might see from completing them (*not specific dollar amounts ofcourse).
For a more in-depth analysis of the market, please reach out to schedule some time to chat about your home buying or selling needs.
Additional Sources for Increasing Property Value:
Homelight: Top 8 Renovations to Increase Home Value in 2022
HGTV: Top 15 Home Updates That Pay Off
Have a question about your home buying or selling options or the Real Estate market in general? You can schedule a Zoom Meeting with Grimm Realty Group to discuss your housing needs, lifestyles, & future goals!
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